FormFactor's Margin Pivot Looks Real And HBM Is The Fuel

2026-02-13 09:54:10 ET

Investment Thesis

First and foremost, let me say that I think FormFactor, Inc. ( NASDAQ : FORM ) is one of the picks and shovel names that looks boring right until it doesn't. The market is fixated on the shiny end of AI, like GPUs and giant data center builds. Meanwhile, the real constraint in advanced packaging is often yield, test time, and how many goods you can push through the line without shipping defects. And obviously, that pushes value into probe cards and test hardware....

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